Robonomics Network

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Discover Robonomics Network's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Robonomics Network?

Robonomics Network (XRT) is a cryptocurrency token that enables the integration of robots into blockchain ecosystems, facilitating communication between humans and IoT devices. It allows users to pay for robot services and access blockchain networks where Robonomics operates, with real-world applications including drone launches, human-to-robot communication, environmental sensors, and decentralized hosting services.

How is Robonomics Network used?

The Robonomics Network (XRT) is a utility token that enables the control of IoT devices on top of the Ethereum network and the Robonomics parachain. It is used to facilitate interactions between user applications, IoT services, and complex robotics, allowing for the exchange of technical and economic information in the form of atomic transactions.

The token is essential for various real-world applications, such as:

  • Launching the Distributed Sky Project: XRT was used to launch a drone with a transaction on the Ethereum network, demonstrating the core vision of Robonomics.
  • Commissioning Gaka-Chu: An IoT robot that creates pictures and automatically mints them into NFTs, showcasing direct human-to-robot communication with the blockchain.
  • Operating Environmental Sensors: The Clean Water Program uses smart IoT sensors and the Robonomics network to measure the quality of Europe’s longest river.
  • Decentralized Hosting Service: XRT allows users to operate ROS-enabled robots, providing a decentralized hosting service.

In summary, XRT is the key to unlocking the full potential of Robonomics, enabling secure and decentralized interactions between IoT devices and user applications.

How do I store Robonomics Network?

To store Robonomics Network (XRT) tokens securely, consider using hardware wallets like Ledger. These wallets store your private keys offline, making it nearly impossible for hackers to access your funds. Additionally, using trusted platforms like Kraken for trading and storing your XRT can provide an extra layer of security. Kraken employs advanced security measures such as encryption, two-factor authentication, and cold storage to protect your assets from potential threats.

How to buy Robonomics Network?

To buy Robonomics Network (XRT) tokens, you can follow these steps:

  1. Choose an Exchange: Select a reliable centralized exchange (CEX) that supports Robonomics Network (XRT) trading. Ensure the exchange has solid security, liquidity, and a competitive fee structure. Some popular exchanges include Kraken and Uniswap.

  2. Create an Account: Register an account on the chosen exchange's official website or app. Verify your identity and secure your account by enabling two-step verification.

  3. Fund Your Account: Use fiat currency to buy a base currency like USDT, ETH, or BNB. You can use the exchange's OTC trading service or a financial service platform like PayPal or Robinhood (for US residents).

  1. Transfer Funds: If the exchange you're using does not support XRT trading, transfer your base currency to an exchange that does. Ensure you have the necessary funds in the correct currency to trade for XRT.

  2. Buy XRT: Once you have the required funds, use them to buy Robonomics Network (XRT) in the spot market. You can trade XRT against your base currency.

Alternatively, you can use decentralized exchanges (DEXs) like Uniswap or Sushiwap. For DEXs, you need to purchase the mainnet cryptocurrency (e.g., ETH for Ethereum-based DEXs) and then swap it for XRT.

Remember to always research the exchange and its fees before making a purchase, and be cautious of scams and hidden fees.

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History of Robonomics Network

The Robonomics Network (XRT) is a cryptocurrency token that was first introduced in 2015 as part of the Robonomics project. This project aimed to integrate robots into the blockchain ecosystem, facilitating communication between humans and IoT devices. The XRT token is used to pay for robot services and grants access to the blockchain networks where Robonomics operates.

The project began with experiments and publications on using smart contracts to control robots. By 2017, the initial distribution of XRT tokens took place, with 10% of the proposed initial emission distributed among the community and early developers. The remaining 90% was planned to be distributed later, with 20% going to the developer DAO and 70% to the community, but this was postponed due to the crypto winter.

In 2018, the beta version of Robonomics was launched, and by April 2019, version 1.0.0 of the Robonomics smart contracts was released. The project faced challenges during the crypto winter, but work continued, and the team explored alternative blockchains, including Polkadot. By mid-2019, the Robonomics development team was one of the first to launch their own network/blockchain on Substrate.

The emergence of DeFi and interest in Polkadot projects in 2020 helped revitalize interest in XRT. The token began trading on many exchanges, and the community grew significantly. Today, XRT is traded on various exchanges and is used to operate IoT devices on the blockchain.

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How Robonomics Network works

Robonomics Network (XRT) is a utility token designed to facilitate the control and management of IoT devices on both the Ethereum network and the Robonomics parachain within the Polkadot ecosystem. Here's an overview of how it works:

Token Functionality

XRT is the primary token used to interact with IoT devices on the Robonomics Network. It serves several purposes:

  1. IoT Device Control: XRT enables users to control and manage IoT devices, ensuring secure and decentralized communication between devices and users.
  2. Transaction Fees: XRT is used to pay fees for transactions on the parachain, ensuring the smooth operation of the network.
  3. Subscription Model: XRT supports an IoT subscription model, which guarantees priority processing of device or user IoT transactions.
Tokenomics

The tokenomics of XRT are designed to incentivize the growth and adoption of the Robonomics Network:

  1. Token Supply: The total supply of XRT is capped, with a portion allocated for token holders and another for parachain collators.
  2. Collator Rewards: A small amount of XRT is issued annually to incentivize parachain collators, with the reward amount determined by on-chain voting.
  3. Token Burning: The XRT burning mechanism helps reduce inflation by burning tokens used for IoT subscriptions, ensuring a stable token economy.
Integration with Polkadot and Ethereum

Robonomics Network operates on both the Ethereum and Polkadot ecosystems:

  1. Ethereum: XRT can be used within Ethereum-based decentralized applications (dApps) powered by the Uniswap Protocol.
  2. Polkadot: The Robonomics parachain in Polkadot allows for XCMP communication between parachains, enabling seamless interactions between different blockchain networks.
Security and Transparency

Robonomics Network prioritizes security and transparency through the use of open-source technologies:

  1. Decentralized Applications: Robonomics dApps are built on blockchain, ensuring secure and transparent interactions.
  2. Digital Twin: The Digital Twin technology allows for decentralized management of IoT devices, ensuring data integrity and security.
Use Cases

Robonomics Network has various use cases, including:

  1. Smart Cities and Industry 4.0: XRT enables the decentralized management of IoT devices in urban infrastructure and industrial settings.
  2. Robot-as-a-Service: The token supports the robot-as-a-service model, where robots can be launched and managed securely and efficiently.
  3. Home Automation: XRT can be used to control and automate various aspects of home and office environments using Zigbee smart devices.

Overall, Robonomics Network (XRT) provides a decentralized and secure framework for managing IoT devices, enabling a wide range of applications across industries.

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Robonomics Network's strengths

The token Robonomics Network (XRT) has several strengths that make it a promising investment opportunity:

  1. Integration with IoT Devices: XRT enables the control of IoT devices on top of the Ethereum network and the Robonomics parachain, allowing for seamless communication between humans and IoT devices.

  2. Decentralized and Secure: Robonomics is an open-source platform built on blockchain technology, ensuring the highest degree of security for running devices and getting telemetry data. This security is further enhanced by the use of digital twins stored in the blockchain network.

  3. Real-World Applications: XRT has various real-world uses, such as launching drones on the blockchain, human-to-robot communication, operating environmental sensors, and offering decentralized hosting services. These applications demonstrate the token's potential for practical use and growth.

  1. Open-Source and Transparent: The platform is open-source, with its data served on IPFS and Github, ensuring transparency and security. This openness also allows developers to build their own decentralized applications (dapps) using Robonomics' libraries.

  2. Potential for Growth: The price prediction for XRT suggests a significant rise in value, with a forecasted increase of 229.37% to reach $17.30 by July 18, 2024.

These strengths highlight the potential of XRT to revolutionize the IoT market and provide a secure and decentralized platform for various applications.

Robonomics Network's risks

Robonomics Network (XRT) is considered a high-risk investment. The risk gauge rank for XRT indicates that it is currently a high-risk investment, primarily due to its market volatility and potential for price manipulation. Additionally, the token's value can be affected by various factors such as changes in the Ethereum network, the Polkadot ecosystem, and the overall cryptocurrency market. It is essential for investors to do their due diligence and assess the risks before investing in XRT.

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Did Robonomics Network raise funds?

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Robonomics Network’s team

  • Sergei Lonshakov: Founder and Software Architect of Robonomics Network, involved in the development of the platform and its parachain on Polkadot.
  • Alexander Kapitonov: Co-founder of Robonomics Network, part of the initial team that started the project in 2017.
  • Alexander Krupenkin: Co-founder of Robonomics Network, involved in the early stages of the project's development.
  • Alexander Starostin: Co-founder of Robonomics Network, part of the initial team that started the project in 2017.

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